A company associated with the Walton family has purchased the historic Lane Hotel in Rogers for $1.6 million.
John Mack, JKJ Architects principal, said his company has been contracted by KLS Leasing LLC to work on plans for the building. The company has asked him not to release any information at this time, he said.
KLS Leasing LLC of Delaware purchased the 1929 building June 30 from Ninety Second L.P., a New Jersey company, according to Benton County deed documents. County documents also show that KLS Leasing LLC used a Post Office box that is often used by Walton family entities such as the Walton Family Foundation.
The Lane Hotel at 121 W. Poplar St. has sat vacant since 2003, said Craig Hull with Hull & Company Commercial Real Estate, the agent for the seller.
"It has been a long process," Hull said. "I'm glad that someone has it that can fix it up. I hope they can. I think it will be good for downtown."
Hull said he was unable to release any information about the purchaser or plans for the building. A call to KLS Leasing's real estate agent, Sarah Brothers with Weichert Realtors Griffin Company, was not returned.
KLS Leasing LLC was filed in Delaware on July 15, 2014, according to Delaware state documents. The registered agent for the company is The Corporation Trust Co. of Delaware.
A secretary at The Corporation Trust Co. said KLS Leasing LLC is a client. She said the trust company could not provide contacts for clients. Any documents sent to the trust company's mailing address for clients would be forwarded, she said.
Mayor Greg Hines said he heard the buyer of the building was associated with the Walton family, but knew little about the sale.
"They certainly have a history of doing very quality philanthropic projects in Northwest Arkansas," Hines said. "While I may not know what will happen with the project, I am sure it will be high quality."
The sale of the building is important for downtown Rogers, Hines said.
The five-story building was built in a Spanish Colonial design, according to city's website. It states aviator Amelia Earhart, boxer Jack Dempsey and actor Errol Flynn were a few famous occupants of the hotel. It was once known as the "Palace of the Ozarks."
State Desk on 07/18/2015